Skyline Champion (NYSE:SKY) Initiates Stock Repurchase Plan

Skyline Champion (NYSE:SKY - Get Free Report) announced that its board has initiated a share repurchase plan on Friday, May 30th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Skyline Champion Stock Down 0.3%

Shares of NYSE SKY traded down $0.19 during trading hours on Friday, hitting $65.36. The stock had a trading volume of 1,554,128 shares, compared to its average volume of 570,770. The company has a market capitalization of $3.74 billion, a P/E ratio of 23.01 and a beta of 1.37. The firm's 50-day moving average price is $85.41 and its two-hundred day moving average price is $93.11. Skyline Champion has a 52 week low of $64.45 and a 52 week high of $116.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.74 and a current ratio of 2.59.

Skyline Champion (NYSE:SKY - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($0.10). Skyline Champion had a net margin of 6.80% and a return on equity of 13.80%. The firm had revenue of $593.87 million during the quarter, compared to analyst estimates of $595.42 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The business's revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Skyline Champion will post 3.63 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SKY shares. Royal Bank of Canada cut their price objective on shares of Skyline Champion from $96.00 to $82.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Barclays cut their price objective on shares of Skyline Champion from $97.00 to $72.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $80.60.

Skyline Champion Company Profile

Skyline Champion Corporation produces and sells factory-built housing in North America. The company offers manufactured and modular homes, park models RVs, accessory dwelling units, and modular buildings for the multi-family and hospitality sectors. It builds homes under the Skyline Homes, Champion Home Builders, Genesis Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes brands in the United States; and Moduline and SRI Homes brand names in western Canada.